FINANCE ACT, 1971

• (a) if too much tax has been paid, the amount or amounts overpaid shall, save where the interest amounts to less than £1, be repaid with interest at the rate provided by section 14 (1) of the Finance Act, 1962, from the date or dates of payment of the amount or amounts overpaid to the date on which the repayment is made; or

• (b) if too little tax has been paid, any balance shall be payable but the provisions of section 14 (3A) of the Finance Act, 1962, shall apply as if the appeal were an appeal to the Appeal Commissioners and the determination of the appeal by the judge were a determination of the appeal by the Appeal Commissioners.

50 Interest on corporation profits tax in cases of fraud or neglect.

50.—(1) In this section “neglect” has the same meaning as in section 13 of the Finance (Miscellaneous Provisions) Act, 1968.

• (2) Where, for any accounting period ending on or after the date of the passing of this Act, an assessment is made for the purpose of recovering an undercharge to corporation profits tax which is attributable to the fraud or neglect of any person, the amount of the tax undercharged shall carry interest at the rate of .75 per cent. for each month or part of a month from the expiration of one year after the end of that accounting period to the date of payment of the tax undercharged.

• (3) Subject to subsection (5), subsections (1) and (3) of section 14 of the Finance Act, 1962, shall not apply to tax carrying interest under this section.

• (4) Subsections (4), (5), (6) and (7) of section 14 of the Finance Act, 1962, shall apply to interest chargeable under this section as they apply to interest chargeable under the said section 14.

• (5) Where an assessment of the kind referred to in subsection (2) is made—

• (a) the inspector concerned shall give notice to the person assessed that the tax charged by the assessment will carry interest under this section,

• (b) the person assessed may appeal against the assessment on the ground that interest should not be charged under this section and the provisions of the enactments relating to corporation profits tax governing appeals against assessments shall apply and have effect in relation to the appeal as they apply in relation to those appeals with any necessary modifications, and

• (c) if, on the appeal, it is determined that the tax charged by the assessment should not carry interest under this section, subsections (1) and (3) of section 14 of the Finance Act, 1962, shall apply to that tax.

PART VI Miscellaneous

51 Capital Services Redemption Account.

51.—(1) In this section—

“the principal section” means section 22 of the Finance Act, 1950;

“the 1970 amending section” means section 52 of the Finance Act, 1970;

“the twenty-first additional annuity” means the sum charged on the Central Fund under subsection (4) of this section;

“the Minister”, “the Account” and “capital services” have the same meanings respectively as they have in the principal section.

• (2) Subsection (4) of the 1970 amending section shall, in relation to the twenty-nine successive financial years commencing with the financial year ending on the 31st day of March, 1972, have effect with the substitution of “£3,578,220” for “£3,590,509”.

• (3) Subsection (6) of the 1970 amending section shall have effect with the substitution of “£2,258,759” for “£2,322,880”.

• (4) A sum of £3,815,802 to redeem borrowings, and interest thereon, in respect of capital services shall be charged annually on the Central Fund or the growing produce thereof in the thirty successive financial years commencing with the financial year ending on the 31st day of March, 1972.

• (5) The twenty-first additional annuity shall be paid into the Account in such manner and at such times in the relevant financial year as the Minister may determine.

• (6) Any amount of the twenty-first additional annuity, not exceeding £2,456,314 in any financial year, may be applied towards defraying the interest on the public debt.

• (7) The balance of the twenty-first additional annuity shall be applied in any one or more of the ways specified in subsection (6) of the principal section.

52 Excise duties on registration of firearms dealers.

52.—Section 41 of the Finance Act, 1925, is hereby amended—

• (a) by the substitution of “twenty-five pounds” for “one pound” in subsection (1),

• (b) by the insertion in subsection (2) after “imposed by” of “subsection (1) of”, and

• (c) by the insertion after subsection (2) of the following subsections:

• “(3) In lieu of the duty imposed by subsection (1) of this section, an excise duty of three pounds shall be charged, levied and paid on the occasions hereinafter mentioned on and by every person who after the passing of the Finance Act, 1971, becomes registered in any register of firearms dealers established and kept under the Firearms Act, 1925, and whose registration is made subject to the condition that he confines his dealings asa firearms dealer to the purchase and sale of ammunition for shotguns, for unrifled air guns and for rifled firearms of a calibre not exceeding.22 inches.

• (4) The excise duty imposed by subsection (3) of this section shall be charged, levied and paid upon registration in any such register as aforesaid subject to the condition aforesaid and also upon every renewal of any such registration.”.

53 Repeals.

53.— In the case of persons dying after the passing of this Act, each enactment specified in column (2) of the Third Schedule to this Act is hereby repealed to the extent specified in column (3) of that Schedule.

54 Care and management of taxes and duties.

54.—All taxes and duties imposed by this Act are hereby placed under the care and management of the Revenue Commissioners.

55 Short title, construction and commencement.

55.— (1) This Act may be cited as the Finance Act, 1971.

• (2) Part I of this Act shall be construed together with the Income Tax Acts.

• (3) Part II of this Act, so far as it relates to customs, shall be construed together with the Customs Acts and the said Part II, so far as it relates to duties of excise, and section 52 shall be construed together with the statutes which relate to the duties of excise and the management of those duties.

• (4) Part IV of this Act shall be construed together with the Stamp Act, 1891, and the enactments amending or extending that Act.

• (5) Part V of this Act shall be construed together with Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

• (6) Part I of this Act shall, save as is otherwise expressly provided therein, be deemed to have come into force and shall take effect as on and from the 6th day of April, 1971.

• (7) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment, including this Act.

FIRST SCHEDULE Spirits (Rates of Ordinary Customs Duty)

Part I

Part II

SECOND SCHEDULE Scale of Rates of Estate Duty

THIRD SCHEDULE Enactments Repealed